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The economic establishment in this country has come to the conclusion that it is not a matter of "if" the United States must intervene in the bailout of the euro, but simply a question of "when" and "how".
Europe's economic depression is the result of the euro's very structure, a fiat money system that allowed member governments to spend themselves into oblivion and expect that someone else would pick up the tab.
A multi-trillion dollar European aid package cannot be undertaken by Europe alone, and will require IMF and Federal Reserve involvement. The Federal Reserve already has pumped trillions of dollars into the US economy with nothing to show for it. Just considering Fed involvement in Europe is ludicrous.
We have an unsustainable amount of debt here at home; it is hardly fair to US taxpayers to take on Europe's debt as well. That will only ensure an accelerated erosion of the dollar and a lower standard of living for all Americans.
Originally posted by Traydor
reply to post by camaro68ss
I think you're being a little dramatic, when the eur fails the countries in Europe will eventually pick up the pieces and work something out, if that means as Europe as a whole or as each country to it's own that is the real question. Europe was fine before the Euro, it'll be fine after the Euro simply because it'll have to be.
Yesterday a purported independent trader going by the name Alessio Rastani appeared on BBC and said some delicious things, namely that he’s been dreaming about a recession and that Goldman Sachs rules the world.....But then talk circulated that Rastani might be a member of Yes Men, a collective of impersonators. Was his little talk a hoax?
Originally posted by DelMarvel
Yesterday a purported independent trader going by the name Alessio Rastani appeared on BBC and said some delicious things, namely that he’s been dreaming about a recession and that Goldman Sachs rules the world.....But then talk circulated that Rastani might be a member of Yes Men, a collective of impersonators. Was his little talk a hoax?
Source
I'm not questioning the severity of the crisis, just thought this was interesting.edit on 20-12-2011 by DelMarvel because: added material